Answer:
Consequences of the general balance of the tarrif in case of small
country are given below:
- When tarrif imposing country is small, the price of the
imported goods to the consumers and producers will increase by the
same amount how much tarrif is being imposed on that particular
good.
- The international price of the good will remain unaffected
because the volume of trade being done by the small country won't
be affecting international trade balance that much.
- The revenue collected by the government in the form of tarrifs
will be used to subsidise public consumptions like schools, health
services and construction of road projects.
- Tarrif not only decreases imports but exports as well for
tarrif imposing country.
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